The CFCB First Chamber has approved the inclusion of Girona FC (ESP) and Manchester City FC (ENG) in the 2024/25 UEFA Champions League, along with Manchester United FC (ENG) and OGC Nice (FRA) in the 2024/25 UEFA Europa League.
The UEFA Club Financial Control Body’s First Chamber (CFCB First Chamber) recently addressed potential conflicts with the multi-club ownership rule involving several prominent clubs:
- Girona FC (ESP) and Manchester City FC (ENG)
- Manchester United FC (ENG) and OGC Nice (FRA)
After significant changes implemented by the investors — City Football Group and INEOS respectively for Girona FC and OGC Nice — the CFCB First Chamber approved their participation in the 2024/25 UEFA Champions League and Europa League. These adjustments ensured compliance with Article 5 of UEFA’s club competitions regulations, which stipulate:
- No individual can be involved in the management, administration, or sporting performance of more than one UEFA club competition participant.
- No individual can exert control or decisive influence over more than one club in UEFA competitions.
Specifically, changes in ownership, governance, and financial support at Girona FC and OGC Nice have significantly curtailed investor influence, aligning with the multi-club ownership rule for the 2024/25 season. Key measures include transferring shares to independent trustees through a supervised blind trust structure approved by the CFCB First Chamber. Trustees will maintain regular communication with UEFA authorities throughout the season.
Key provisions for Girona FC and OGC Nice during 2024/25 include:
- Sole control and decision-making authority vested in trustees.
- Investor withdrawal from the board, with trustees appointing new directors.
- Restrictions on investor influence in sporting decisions, veto rights, and financial arrangements with other shareholders.
- Deconsolidation of club financial statements from investor holding companies.
Additionally, both clubs have pledged independence by:
- Restricting player transfers between each other until September 2025, except for pre-existing agreements.
- Avoiding joint technical, commercial, or scouting agreements.
Effective from July 1, 2025, shares in Girona FC and OGC Nice will revert to their respective investors unless significant ownership, governance, or financial changes occur, reaffirming investor control post-season.
The CFCB First Chamber remains vigilant in overseeing compliance with the multi-club ownership rule throughout the 2024/25 season.
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